Title: URL Source: https://is.gd/mdyPq4 Published Time: Wed, 25 Jun 2025 09:44:47 GMT Markdown Content: # Company overview Objective The Company seeks capital growth by investing in smaller and medium sized companies which are quoted, domiciled, listed or have operations in Europe (excluding the UK). Highlights Providing unique access to Europe ’s growing small - and medium -sized companies with the sole aim of increasing shareholder capital. # Company information NAV (cum income) 199.6p NAV (ex income) 199.5p Share price 185.4p Discount( -)/premium(+) -7.1% Yield 2.6% Net gearing 3% Net cash - Total assets Net assets £817m £786m Market capitalisation £730m Total voting rights 393,815,298 Total number of holdings 123 Ongoing charges (year end 30 Jun 2024) 0.67% Benchmark MSCI Europe ex UK Small Cap Index Overall Morningstar Rating TM  As of 30/04/2025 Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used. Please note that the total voting rights in the Company do not include shares held in Treasury. # THE EUROPEAN SMALLER COMPANIES TRUST PLC (ESCT) ISIN: GB00BMCF8689 Factsheet - at 30 April 2025 Marketing Communication # Share price performance # (total return) From July 2022, the benchmark changed from the EMIX Smaller European Companies ex UK Index to the MSCI Europe ex UK Small Cap Index. # Dividend history # (pence/share) 0 50 100 150 200 250 Apr 20 Apr 21 Apr 22 Apr 23 Apr 24 Apr 25 Price (rebased) Benchmark NAV (cum income) 6.0 Performance over (%) 6m 1y 3y 5y 10y Share price (Total return) 12.6 10.0 32.9 122.6 200.6 NAV (Total return) 7.9 4. 5 20.3 106.7 178.1 Benchmark (Total return) 7.4 6.9 14.5 63.8 129.5 Relative NAV (Total return) 0.5 -2.4 5. 8 42.9 48.6 Discrete year performance (%) Share price (total return) NAV (total return) 31/3/2024 to 31/3/2025 10.0 2.8 31/3/2023 to 31/3/2024 9.1 5.1 31/3/2022 to 31/3/2023 5.0 5.2 31/3/2021 to 31/3/2022 -5.4 -3.0 31/3/2020 to 31/3/2021 123.9 106.0 n/a n/a n/a All performance, cumulative growth and annual growth data is sourced from Morningstar. Source: at 30/04/25. © 2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns. # Commentary at a glance Performance In the month under review the Company’s NAV total return was 3.6% and the MSCI Europe ex UK Small Cap Index total return was 3.7%. Contributors/detractors Positive contributors to performance included Alzchem, Bonava and IG Group. Detractors included HBX Group International and Criteo. Outlook We face a period of extended uncertainty as the trade tariff story continues to unfold. However, European small caps could benefit from a more benign economic backdrop in Europe. See full commentary on page 3. References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned. Find out more Go to www.europeansmallercompaniestrust.com How to invest Go to www.janushenderson.com/howtoinvest Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. Please refer to the glossary for t he definition of share price total return. 6.0 Please note that this chart could include dividends that have been declared but not yet paid. 0.0 1.0 2.0 3.0 4.0 5.0 04 06 08 10 12 14 16 18 20 22 24 Income Income Special Key information Stock code ESCT AIC sector AIC European Smaller Companies Benchmark MSCI Europe ex UK Small Cap Index Company type Conventional (Ords) Launch date 1990 Financial year 30 -Jun Dividend payment April, November Management fee 0.55% pa on first £800m of net assets and 0.45% pa in excess thereof. Performance fee Yes (See Annual Report & Key Information Document for more information) Regional focus Europe Fund manager appointment Ollie Beckett 2011 Rory Stokes 2014 Julia Scheufler 2024 Ollie Beckett Fund Manager Rory Stokes, CFA Fund Manager Julia Scheufler, CFA Fund Manager Customer services 0800 832 832 How to invest Go to www.janushenderson.com/howtoinvest # THE EUROPEAN SMALLER COMPANIES TRUST PLC (ESCT) ISIN: GB00BMCF8689 Factsheet - at 30 April 2025 Marketing Communication # Top 10 holdings (%) Van Lanschot Kempen 3.4 TKH Group 2.6 AlzChem Group 2.5 IG Group 2.4 KSB 2.2 Stroeer 1.7 Gaztransport Et Technigaz 1.7 R&S Group 1.6 SU ESS MicroTec 1.5 Criteo 1.4 References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its emplo yees, may have a position in the securities mentioned. # Sector breakdown (%) ##  Industrials 34.8% ##  Technology 12.8% ##  Consumer Services 11.0% ##  Core Financials 9.0% ##  Basic Materials 8.2% ##  Health Care 5.8% ##  Consumer Goods 5.5% ##  Financial Services 5.5% ##  Real Estate 5.0% ##  Energy 2.3% The above sector breakdown may not add up to 100% due to rounding. # 10 year total return of £1,000 All performance, cumulative growth and annual growth data is sourced from Morningstar. Share price total return is calculated using mid -market share price with dividends reinvested. 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Apr 15 Apr 17 Apr 19 Apr 21 Apr 23 Apr 25 Share price total return Benchmark # Geographical focus (%) #  Germany 23.0% #  Sweden 13.1% #  France 12.8% #  Netherlands 9.6% #  Spain 8.6% #  Switzerland 8.4% #  Italy 4. 2% #  Norway 4.0% #  Belgium 3.4% #  Greece 3.3% The above geographical breakdown may not add up to 100% as this only shows the top 10. # Premium/(discount) of share price # to NAV at fair value (%) -20 -15 -10 -5 0 5 10 15 20 Apr 22 Apr 23 Apr 24 Apr 25 Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctua tions, and you may not get back the amount originally invested. Please refer to the glossary for the definition of share pric e total return. THE EUROPEAN SMALLER COMPANIES TRUST PLC (ESCT) ISIN: GB00BMCF8689 Factsheet - at 30 April 2025 Marketing Communication # Fund Manager commentary Investment environment European small -cap stocks overcame sharp falls at the start of the month to deliver modest gains in April, outperforming the US market for a fourth consecutive month. April proved volatile as US President Donald Trump's trade tariff announcement on 2 April - dubbed "liberation day" - caused global equity markets to slump. The announcement prompted retaliatory levies from China and heightened fears of a global recession. However, equities largely rebounded as the US administration suspended the imposition of some of the tariffs by 90 days and as tensions with China appeared to ease, raising hopes that an all -out global trade war could be avoided. The market turmoil pushed the CBOE Volatility Index - ameasure of US stock market volatility - to the highest level in five years during the month. Eurozone annual inflation moderated to 2.2% in March from 2.3% in February, helped by a decline in energy prices. This set the stage for the European Central Bank (ECB) to lower its key deposit rate by 25 basis points to a more than two -year low of 2.25%, with its president, Christine Lagarde, highlighting the “exceptional uncertainty” facing the region's economy. Nonetheless, eurozone economic expansion doubled to a higher-than-anticipated 0.4% in the first quarter, compared with the previous three months, as Germany and France both returned to economic growth. The euro hit a more than three -year high against the US dollar as it benefited from its appeal as a perceived 'safe haven' amid global economic uncertainty. Portfolio review Specialty chemicals company Alzchem contributed positively to performance. The company makes nitroguanidine that is used in NATO ammunitions. Alzchem's share price benefited from ongoing positivity about Europe's defence sector amid expectations of increased defence spending among EU member states. Bonava, a northern European residential housebuilding company, also made a favourable impact. Shares in the company have benefited from the recent fiscal stimulus in Germany, which is one of Bonava's key markets. Signs of a housing market recovery in Sweden also supported the Stockholm -based firm's share price. Shares in IG Group also fared well, partly due to an ongoing share buyback programme. The derivatives trading and spread -betting platform also typically benefits from increased trading activity during periods of market volatility. On the other hand, the holding in travel technology company HBX Group International detracted in April amid concerns that the current macroeconomic uncertainty will negatively impact demand in the travel industry, particularly in the US. French advertising company Criteo also weighed on performance. Given Criteo's exposure to the travel industry via its online platform, concerns about weaker demand adversely impacted its share price as well. There was also some anxiety about the likely impact of a slowdown in the US economy on advertising spending. During the month, we initiated a position in Spanish eye surgery specialist Clinica Baviera. The company is a leading provider of services for the diagnosis and treatment of a wide range of eye disorders. We believed the company was attractively valued and offers exposure to a structurally growing area of the market. We also opened a position in Norway -based shipping company Stolt -Nielsen, which we thought was also favourably valued following the recent sell -off in its shares. The company specialises in transporting chemicals and other difficult -to -transport liquids like edible oils. Conversely, we sold the position in Autostore, a provider of automated storage and retrieval systems, due to concerns about the company's ability to recover following its recent disappointing financial results. We also exited the position in waste management firm Renewi ahead of the upcoming takeover by Australian investment manager Macquarie. THE EUROPEAN SMALLER COMPANIES TRUST PLC (ESCT) ISIN: GB00BMCF8689 Factsheet - at 30 April 2025 Marketing Communication Manager outlook We face a period of extended uncertainty as the US administration looks to implement trade deals with its closest allies before the 90 -day reprieve ends in early July. The timing and nature of any potential agreements are almost impossible to predict, likely leading to a more subdued economic environment and increased volatility in corporate earnings. However, the direct impact of tariff measures on small - cap stocks is actually relatively small, as these companies tend to be more domestically focused. Furthermore, many of the headwinds faced by European equities in recent years are turning into tailwinds. The inflation shock is largely dealt with - particularly in Europe, where inflation has continued to trend downwards - and interest rates are also on a downward trajectory. Meanwhile, energy prices have eased and there is a growing prospect of a peace deal in Ukraine. These factors should provide a more benign environment for European economies than we have seen in recent years. With that in mind, we think that European small -cap markets could continue to perform relatively well. Encouragingly, small -cap stocks did not underperform their large -cap peers in the most recent sell -off, as has historically been the case. We think this is a positive sign that the margin of safety typically provided by the lower valuations has been holding up in recent weeks. THE EUROPEAN SMALLER COMPANIES TRUST PLC (ESCT) ISIN: GB00BMCF8689 Factsheet - at 30 April 2025 Marketing Communication # Glossary Discount/Premium The amount by which the price per share of an investment company is either lower (at a discount) or higher (at a premium) than the net asset value per share (cum income), expressed as a percentage of the net asset value per share. Gearing The effect of bo rrowing money for investment purposes (financial gearing). The amount a company can “gear ” is the amount it can borrow in order to invest. Gearing is used in the expectation that the returns on the investments bought will exceed the costs of the borrowings that funded the purchase. This Company can also use synthetic gearing through derivatives and foreign exchange hedging and/or other non -fully funded instruments or techniques. Leverage The Company ’s leverage is the sum of financial gearing and synthetic gearing. Details of the Company ’s leverage limits can be found in both the Key Information Document and Annual Report. Where a company utilises leverage, the profits and losses incurred by the company can be greater than those of a company that does not us e leverage. Market capitalisation Share price multiplied by the number of shares in issue, excluding treasury shares, at month end. Shares typically priced mid -market at month -end closing. Net Asset Value (NAV) The total value of a Company's assets less its liabilities. NAV (Cum Income) The value of investments and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value). NAV (Ex Income) The value of investments and cash, excluding current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value). NAV total return The theoretical total return on shareholders' funds per share reflecti ng the change in Net Asset Value (NAV) assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex -dividend. A way of measuring investment management performance of investment trusts which is not affected by mo vements in discounts/premiums. Net assets Total assets minus any liabilities such as bank loans or creditors. Net cash A company ’s net exposure to cash/cash equivalents expressed as a percentage of shareholders ’ funds, after any offset against its gearing. This is only shown for companies that have gearing in place. Net gearing A company ’s total assets (less cash/cash equ ivalents) divided by shareholders ’ funds expressed as a percentage. Ongoing charges The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100. Share price Closing mid -market share pr ice at month end. Share price total return The theoretical total return to the investor assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex -dividend. Transaction costs are not taken into account. Total assets Cum Income NAV multiplied by the number of shares, plus prior charges at fair value. Yield Calculated by dividing the current financial year's dividends per share (this will include prospective dividends) by the current price per sh are, then multiplying by 100 to arrive at a percentage figure. For a full list of terms please visit: https://www.janushenderson.com/en -gb/investor/glossary/ THE EUROPEAN SMALLER COMPANIES TRUST PLC (ESCT) ISIN: GB00BMCF8689 Factsheet - at 30 April 2025 Marketing Communication Source for fund ratings/awards Overall Morningstar Rating™ is a measure of a fund's risk -adjusted return, relative to similar funds. Fund share classes are rated from 1 to 5 stars, with the best performers receivin g 5 stars and the worst performers receiving a single star. Overall Mor ningstar Rating™ is shown for an investment company achieving a rating of 4 or 5. Ratings should not be taken as a recommendation. For more detailed information about Morningstar Ratings, including its metho dology, please go to https://shareholders.morningstar.com/investor -relations/governance/Compliance --Disclosure/default.aspx . Company specific risks - This Company is suitable to be used as one component of several within a diversified investment portfolio. Investors should c onsider carefully the proportion of their portfolio invested in this Company. - Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times. - The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to th e Company. - Shares can lose v alue rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fal l as a result. - The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result, losses (or gains) may be higher or lower than those of the Company's assets. - If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio that is diversified across more countries. - Most of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell, and their share prices may fluctuate more than those of larger companies. - Using derivatives exposes the Company to risks different from - and potentially greater than - the risks associated with investing directly in securities. It may therefore result in additional loss, which could be signif icantly greater than the cost of the derivative. - Where the Company invests in assets that are den ominated in currencies other than the base currency, the currency exchange rate movements may cause the value of investments to fall as well as rise. - If the Company seeks to minimise risks (such as exchange rate movements), the measures designed to do s o may be ineffective, unavailable or negative for performance. - The Company may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incurred by the Company can be great er than those of a Company that does not use gearing. Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yoursel f as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communicatio n. Ple ase refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past pe rformance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may n ot get back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular circumstances an d may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. Th is document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. We may record telephone calls for our mutual protection, to improve customer service and for regulator y record keeping purposes. Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and serv ices are provided by Janus Henderson Investors International Limited (reg no. 3594615), Janus Henderson Investors UK Limited (reg. no. 906355), Janus Henderson Fund Management UK Limited (reg. no. 2678531), (each registered in England and Wales at 201 Bishops gate, London EC2M 3AE and regulated by the Financial Conduct Authority), Tabula Investment Management Limited (reg. no. 11286 661 at 10 Norwich Street, London, United Kingdom, EC4A 1BD and regulated by the Financial Conduct Authority) and Janus Hender son Investors Europe S.A. (reg no. B22848 at 78, Avenue de la Liberté, L -1930 Luxembourg, Luxembourg and regulated by the Commissio n de Surveillance du Secteur Financier). Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc